November Recap: Events, Webinars, and Year-End Tax Plannings

Welcome to our November Recap!

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This month’s recap includes state updates, impactful events and insightful webinars, and tax planning actions to take before year-end.

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Enjoy reading!?

Award

Manay CPA Wins Honorable Mention in 2024 Best of Georgia Awards – Accounting Firms

We're thrilled to share the exciting news that Manay CPA has been recognized by the readers and editors of Georgia Business Journal in the 2024 Best of Georgia Awards! We’ve been awarded Honorable Mention in the Accounting Firms category.?

This recognition is not only a remarkable milestone but also an acknowledgment of our commitment to excellence. With less than 10% of businesses in Georgia receiving this prestigious accolade, our achievement is even more meaningful.?

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We are deeply grateful to our valued clients who share this journey with us, and to our dedicated team for their hard work.?

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Learn more >?

5 Tax Planning Actions to Take Before Year-End?

As the year draws to a close, it's crucial to assess your tax situation and implement strategies to optimize your financial standing. Here are five key tax planning actions to consider before year-end:?

1. Develop a Base Case: Collaborate with your tax advisor to prepare a pro forma 2024 tax return. This will provide a clear understanding of your current tax position and help identify opportunities for tax savings.?
2. Harvest Tax Losses: Review your investment portfolio for any underperforming assets. Selling these at a loss can offset capital gains, potentially reducing your taxable income.?
3. Deduct Charitable Contributions: Timing your charitable donations can maximize tax benefits. If you're uncertain about which charities to support, consider contributing to a donor-advised fund (DAF). This allows for an immediate tax deduction while providing flexibility in distributing funds to charities over time.?
4. Optimize Retirement Contributions: Maximize contributions to your retirement accounts before year-end. For 2024, the contribution limits are $7,000 for IRAs (with an additional $1,000 catch-up contribution if you're 50 or older) and $23,000 for 401(k)s (with an additional $7,500 catch-up contribution for those 50 or older). These contributions can reduce your taxable income and bolster your retirement savings. (*Please note that if you are enrolled in a 401K type plan you will not be able to get a tax deduction for Traditional IRA contributions. Also, if you are not in a company retirement plan, you can make 2024 retirement contributions up to the date your return is filed but no later than 4/15.)
5. Review Estimated Tax Payments: Ensure you've met your tax obligations to avoid underpayment penalties. The U.S. tax system requires taxes to be paid as income is earned. If you haven't withheld enough taxes throughout the year, consider making estimated tax payments to cover any shortfall.?

Implementing these strategies can help you manage your tax liabilities effectively and position you for financial success in the coming year.

Consult with your Manay CPA Tax Advisor to tailor these actions to your specific circumstances.?

Events

We Attended the U.S. Startup Ecosystem and Select USA Program Event!??

On December 2-4, 2024, during an event featuring representatives from the U.S. Consulate General, topics such as the U.S. entrepreneurial ecosystem, investment opportunities, the opportunities offered by the Select USA Program, and success stories of growth and global achievements in the U.S. were discussed. ?During the U.S. Startup Ecosystem event, Kübra ?etinta? Eker shared insights on U.S. business formation and taxation.

Bili?im Vadisi , SelectUSA

We Attended the USA COUNTRY DAYS Event!?

On December 3, 2024, we participated as speakers in an event held in Maslak, Istanbul, organized in collaboration with SGlobe , The Hood TEKMER , and TEB Startup Banking. The event aimed to guide entrepreneurs looking to grow in the U.S. market, establish strategic partnerships, and explore investment opportunities. Our Sales and Operations Manager, Kübra ?etinta? Eker, delivered a presentation titled "Business Formation in the U.S., Post-Formation Processes, Taxation, and Human Resources."?

Webinar

Real Estate Investment in the U.S.: Business Formation and Tax Advantages??

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Our Team Supervisor, Bar?? Day, covered topics in the webinar such as the process of real estate investment in the U.S., steps for business formation, tax advantages and cost optimization of forming a business, tips on double taxation and risk management for foreign investors, and more.?

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Webinar Language: Turkish?

Watch the webinar recording now >?

Tax Obligations of U.S. Citizens and Green Card Holders?

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Our Sales and Operations Manager, Kübra ?etinta? Eker, discussed critical topics such as income declaration, double taxation, IRS compliance, and reporting foreign assets, with Meltem ?erci moderating.?

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Webinar Language: Turkish?

Watch the webinar recording now >?

Tax Season Is Approaching!?

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As we approach tax season, it's essential to prepare and file your taxes accurately and on time to avoid penalties and interest. Ensure that you have all necessary documents, including W-2s, 1099s, and any other relevant financial information ready for submission by the filing deadline. ??

If you need assistance navigating tax regulations or filing your taxes, get a free consultation.?

State Updates

NJ Will Require Employers to Disclose Salary Information

The New Jersey Legislature mandates that employers with 10 or more employees include specific compensation and benefits information in both internal and external job listings. Employers will need to provide either exact wages or salary ranges, along with a general description of benefits for new hires. Fines for non-compliance starting at $300 for initial violations.?

Learn more >

California Announces Meal and Lodging Values for Employees??

The California Employment Development Department announced the 2025 meal and lodging values.?

Learn more >

Latest Blogs

Last-Minute Tax Tips For Individuals & Employees?

Read the blog >

Last-Minute Tax Tips For Businesses?

Read the blog >

Tax Filing Requirements for Green Card Holders

Read the blog >

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